Collective Mining (NYSE American: CNL; TSX: CNL) has secured additional mining titles from Colombia’s Agencia Nacional de Minería (ANM), expanding its titled land position around the Guayabales Project in Caldas and adding new drill-ready exploration targets.

The new titles were granted on July 10, 2026, following a public hearing held in the municipality of Supía on May 21, 2026. They follow earlier title grants issued by the ANM on April 10, 2026, after a public hearing in neighboring Marmato on February 17, 2026.

“With the completion of the titling processes in both municipalities, we have meaningfully consolidated our mineral title holdings and further improved continuity across the Guayabales Project.” – Ari Sussman, Executive Chairman, Collective Mining

The completion of both multi-stage regulatory processes during the second quarter of 2026 gives Collective Mining a more consolidated concession position across its area of influence in Supía and Marmato and supports the company’s continued exploration strategy at Guayabales.

The company said the newly granted titles strengthen its ability to advance exploration activities by securing additional prospective ground along structural trends believed to play an important role in controlling mineralization within the project area.

Expanded land position creates additional exploration flexibility

Collective Mining said the new titles are located within and adjacent to the existing Guayabales Project area, improving long-term flexibility for exploration planning, future infrastructure considerations, and district-scale target generation.

The expanded footprint also provides access to additional drill-ready targets, including areas associated with the Trap target and other prospective zones across the property.

“We are very pleased to see continued strong public support for Collective by local communities, as evidenced by the two successful and well-attended public hearings in Supía and Marmato,” said Ari Sussman, Executive Chairman of Collective Mining.

The company added that it expects the larger titled land package to support future drilling and development decisions as it continues evaluating the project’s mineral potential.

Guayabales advances following surface rights consolidation

Ari Sussman, Executive Chairman of Collective Mining. (Photo: Collective Mining)

The latest title grants follow Collective Mining’s earlier efforts to secure control over the surface rights required for potential future development at Guayabales.

In March 2026, the company completed land acquisitions covering the remaining surface rights needed for a future mining operation.

The Guayabales Project is anchored by the Apollo system, where Collective has reported high-grade gold discoveries and continues an extensive diamond drilling campaign.

The company has completed 184,000 meters of diamond drilling across the Guayabales and San Antonio projects, including 120,000 meters at the Apollo system.

As of March 31, 2026, Collective reported $113.3 million in cash and said it was fully funded for its 2026 exploration program, which includes up to 100,000 meters of drilling. The company currently operates 13 diamond drill rigs across the Guayabales Project.

Collective Mining continues exploration in Caldas

Collective Mining was founded by the team behind Continental Gold, which was acquired by Zijin Mining for approximately $2 billion in enterprise value.

The company explores for gold, silver, copper, and tungsten in Caldas, where its projects are located within an established mining district hosting ten fully permitted and operating mines.

At Guayabales, Collective Mining is focused on expanding the high-grade Ramp Zone, testing the Northern Apollo Oxidized area, drilling the recently granted license covering the northwestern extension of the Trap target, and evaluating additional greenfield exploration targets.

Collective Mining is listed on the NYSE American and the Toronto Stock Exchange under the symbol CNL. Management, insiders, a strategic investor, and close family and friends hold approximately 45.2% of the company’s outstanding shares.

Collective Mining (NYSE American: CNL; TSX: CNL) has advanced engineering and permitting work for its planned exploration adit at the Guayabales Project in Caldas, Colombia, while appointing Josué Romanos as vice president of projects to support the company’s next phase of development.

“The progress on our exploration adit marks an important step in accelerating our understanding of the system from underground and advances the Guayabales Project towards our ultimate goal of production.”
— Ned Jalil, Chief Executive Officer, Collective Mining

The company said construction of the exploration adit is expected to begin in the fourth quarter of 2026. The underground access project is designed to provide a new platform for studying the Apollo system and the broader Guayabales Project, including additional drilling, geotechnical and hydrological studies, and future metallurgical sampling.

Collective Mining first announced the exploration adit plans on March 11, 2026. Since then, the company said it has progressed engineering studies, execution planning, and permitting activities to prepare for construction.

Early preparations have included the construction of an explosives storage facility, which Collective said has been inspected and approved by the relevant authorities.

The adit will support underground drilling activities at Guayabales, where the company is focused on advancing exploration of the Apollo system and the high-grade Ramp Zone. The work is expected to contribute technical information required for future project studies and development decisions.

Alongside the exploration update, Collective Mining announced the appointment of Josué Romanos as vice president of projects, effective immediately.

Romanos brings more than three decades of experience in energy and infrastructure projects in Colombia. He spent more than 15 years at Ecopetrol, Colombia’s state-controlled energy company, most recently serving as general manager of projects, where he oversaw engineering, construction, commissioning, and quality assurance activities across a multi-billion-dollar capital portfolio.

During his time at Ecopetrol, Romanos also participated in the company’s investment committee. Earlier in his career, he held operations and commissioning roles at BP Exploration and PetroSantander on projects in Colombia.

Romanos is a petroleum engineer from Universidad de América and holds a postgraduate specialization in gas engineering from Universidad Industrial de Santander.

Collective Mining said the appointment strengthens its internal project execution capabilities as Guayabales advances through technical studies, permitting, and operational preparation.

Founded by the team behind Continental Gold, which was acquired by Zijin Mining for approximately $2 billion in enterprise value, Collective Mining is exploring gold, silver, copper, and tungsten projects in Caldas.

The company’s Guayabales Project is located within an established mining district and is centered on expanding exploration targets including the Ramp Zone, Hanging Wall Vein Zone, and additional greenfield targets.

Collective Mining is listed on the NYSE American and the Toronto Stock Exchange under the symbol CNL. Management, insiders, strategic investors, and close family and friends hold approximately 45.2% of the company’s outstanding shares.

Drill hole APC-162, collared from Pad 31 and directed to the southwest, cut high-grade mineralization with observable coarse scheelite, chalcopyrite, and sporadic sphalerite and galena, returning 27.35 meters grading 37.55 grams per ton gold equivalent — 1.68% tungsten trioxide (WO3), 11.62 g/t gold, 54 g/t silver, and 0.43% copper — beginning approximately 300 meters below surface.

Figure 1: Section of the Apollo System Highlighting the new Tungsten Enriched Subzone Discovered 300 Meters Below Surface (CNW Group/Collective Mining Ltd.)

The hole was designed as the initial follow-up to test for an up-dip extension of a tungsten-rich interval first intersected in hole APC107-D5, which returned 28.45 meters at 0.80% WO3, 1.63 g/t gold, 13 g/t silver, and 0.12% copper. Together, the two holes define a new tungsten-enriched subzone that begins at approximately 300 meters below surface and is distinct and separate from the upper tungsten-rich zone, which covers the top 100 meters of the Apollo breccia body from surface. The new subzone remains fully open down-dip along the eastern contact margin of the Apollo breccia, with follow-up drilling expected to begin shortly.

“These results reinforce the exceptional scale and depth potential of the Apollo system,” said Ari Sussman, the company’s executive chairman. “The discovery of a new high-grade, tungsten-enriched subzone beginning 300 meters below surface, distinct from and well below the near-surface tungsten zone, demonstrates that Apollo continues to grow in both size and metal endowment with virtually every hole we drill. With 13 rigs turning and a fully funded 2026 program, we are well positioned to continue expanding the Apollo system in multiple directions.”

Figure 2: Plan View of the Apollo System Highlighting Drill Holes Announced in this Release (CNW Group/Collective Mining Ltd.)

A second hole, APC160-D1 — the initial directional hole collared from mother hole APC-160D at Pad 27 and directed north along the breccia’s western margin — extended the breccia body 77 meters to the northwest beyond its current outline at 900 meters below surface, intersecting 28.80 meters at 1.67 g/t gold equivalent. The same hole returned infill mineralization along the western margin, including 116.25 meters at 1.41 g/t gold equivalent from 647 meters below surface — with higher-grade cores of 15.15 meters at 2.36 g/t and 17.35 meters at 4.75 g/t — and 51.05 meters at 1.00 g/t gold equivalent from 800 meters below surface.

“The discovery of a new high-grade, tungsten-enriched subzone beginning 300 meters below surface, distinct from and well below the near-surface tungsten zone, demonstrates that Apollo continues to grow in both size and metal endowment with virtually every hole we drill.” — Ari Sussman, Executive Chairman, Collective Mining

Two further holes, APC-167D and APC-162, were drilled into diorite host rock north of and outside the main breccia body to improve confidence in the lower-grade halo mineralization surrounding it. Both intersected sheeted veinlet mineralization grading better than the company’s existing internal block model, with APC-167D returning 58.00 meters at 1.03 g/t gold equivalent from 418 meters below surface, including 7.15 meters at 3.76 g/t, and APC-162 returning 6.70 meters at 3.90 g/t gold equivalent from 223 meters and 13.00 meters at 6.47 g/t gold equivalent from 264 meters below surface. Four other holes — APC160-D2, APC169-D1, APC169-D2, and APC-173 — were exploratory in nature and did not intersect significant mineralization beyond thin, modestly grading individual veinlets.

Figure 3: Core Photos Under Ultra-Violet Light Illuminating Coarse Scheelite (Tungsten) in Drill Hole APC-162 (CNW Group/Collective Mining Ltd.)

The Apollo system anchors the Guayabales Project, where Collective has been drilling the high-grade Ramp Zone and, in late 2025, announced its 2026 drill campaign. The company first disclosed the high-grade Ramp Zone discovery in October 2024 and has since reported strong metallurgical recovery rates at Apollo.

At the separate San Antonio Project, four exploratory holes — SAC-36, SAC-37, SAC-38, and SAC-39 — were collared from Pad 15 and Pad 16 at the Dollar target, about 700 meters south of the deep porphyry discovery at the Pound target. Modest porphyry-related vein mineralization was encountered in two of the holes. SAC-36 returned 0.90 meters at 962 g/t silver, 0.98 g/t gold, 0.15% copper, and 0.58% zinc from 101.40 meters downhole, plus 2.00 meters at 14.15 g/t gold from 471.35 meters. SAC-39 returned 29.20 meters at 1.28 g/t gold, 11 g/t silver, and 0.30% zinc from 246.30 meters downhole, including 5.95 meters at 3.51 g/t gold and 1.03% zinc. The company said it is evaluating San Antonio to assess its exploration potential and define priority targets ahead of future fieldwork.

To date, Collective has completed 184,000 meters of diamond drilling across the Guayabales and San Antonio projects, including 120,000 meters at the flagship Apollo system. The company reported $113.3 million USD in cash as of March 31, 2026, and said it is fully funded for a 2026 program that envisions up to 100,000 meters of drilling. It currently has 13 diamond drill rigs operating across the Guayabales Project.

Figure 4: Plan View of the Guayabales Project Highlighting the Apollo System (CNW Group/Collective Mining Ltd.)

Gold-equivalent grades are calculated using metal prices of $3,000 USD per ounce of gold, $50 USD per ounce of silver, $5.00 USD per pound of copper, $1.35 USD per pound of zinc, and $90.72 USD per pound of WO3, with assumed recovery rates of 97% for gold, 85% for silver, 95% for copper, 85% for zinc, and 72% for tungsten. The company notes that the zinc recovery assumption is speculative, as limited metallurgical work has been completed to date, and that reported true widths are between 60% and 100% of the total intercept length, with uncut grades.

Collective Mining was founded by the team that developed and sold Continental Gold to Zijin Mining for approximately $2 billion USD in enterprise value. The company explores for gold, silver, copper, and tungsten in Caldas, where its two projects sit within an established mining camp that hosts ten fully permitted and operating mines. Management, insiders, a strategic investor, and close family and friends own 45.2% of the company’s outstanding shares. Collective Mining is listed on the NYSE American and the TSX under the symbol CNL.

The total purchase price for the surface rights is $44 million USD, structured in installments over a five-year period. According to the company, the payment schedule begins with $8.7 million USD in 2026, followed by $10 million USD in 2027, $8.5 million USD in 2028, and two final payments of $8.4 million USD in 2029 and 2030, respectively. The agreements include a 6% annual interest rate on certain future payments and are secured by promissory notes and mortgages over the acquired property. If the company receives environmental approval and elects to begin major mine construction before the final installments are paid, the outstanding balance will become due immediately.

“Completing the acquisition of all surface land required for a future mining scenario at our Guayabales Project is a major step towards realizing our vision of developing a major critical mineral mining operation in Colombia.” — Ari Sussman, Executive Chairman of Collective Mining.

The Guayabales Project is situated near the Pan-American Highway and existing hydropower infrastructure. By securing these titles, the company aims to mitigate risks associated with fragmented land ownership in the region. The project area is located within an established mining district that currently hosts 10 operating mines. Collective Mining also holds or has options to acquire the mineral titles corresponding to these surface areas.

“Completing the acquisition of all surface land required for a future mining scenario at our Guayabales Project is a major step towards realizing our vision of developing a major critical mineral mining operation in Colombia,” stated Ari Sussman, executive chairman of Collective Mining. “The future mine will benefit immensely from robust infrastructure as it will be located next to the Pan-American Highway and hydropower lines and have access to readily available skilled labor from our established mining region in Caldas.”

Following the land acquisition, the company intends to begin construction of an exploration socavón, or adit, in the fourth quarter of 2026. This underground access will facilitate geological study and the construction of drill chambers to test the Trap System. Discovered in 2022, the Trap System consists of a 1.4-kilometer mineralized corridor. The use of an exploration adit is expected to assist in geotechnical and hydrological characterization, as well as the collection of metallurgical bulk samples required for future scoping and feasibility studies.

In addition to Guayabales, the company is conducting exploration at the San Antonio Project, located approximately two to five kilometers east-northeast. Collective Mining was founded by the management team previously responsible for Continental Gold Inc., which was acquired by Zijin Mining Group Co., Ltd. (SSE: 601899, HKEX: 2899). Currently, management and strategic investors hold a 45.3% stake in the company.

Above photo: Land surrounding Collective Mining’s Guayabales Project. (Photo © Loren Moss)

Collective Mining Ltd. (NYSE American: CNL) (TSX: CNL) has announced its upcoming addition to the VanEck Junior Gold Miners ETF (GDXJ), effective at the market close on March 20, 2026. The inclusion follows the index’s semi-annual review and rebalancing process. Simultaneously, the company confirmed the relocation of its executive headquarters from Toronto, Ontario, to Miami, Florida, a move intended to leverage the city’s role as a financial hub and its logistics connectivity to Latin America.

While executive operations shift to the US, the company maintains its jurisdiction of incorporation in Canada. The dual listings on the NYSE American and the Toronto Stock Exchange remain unchanged. Management indicated that the move to Miami is strategic, citing the availability of daily direct flights to Colombia, which places executives in closer proximity to the company’s mineral exploration activities in the department of Caldas.

“Miami has rapidly emerged as a leading global financial center, with a strong institutional capital markets presence and strategic connectivity to Colombia and Latin America.” — Ari Sussman, Executive Chairman of Collective Mining Ltd.

The relocation is expected to facilitate more frequent on-site coordination with internal teams and contractors as the company advances its 2026 exploration program. The flagship Guayabales project, and specifically the Apollo system, remains the primary focus of these efforts. By establishing a presence in the US, the company also aims to qualify for further US equity indices, which are frequently tracked by passive investment funds and rules-based institutional strategies.

Collective Mining was established by the team previously responsible for the development of Continental Gold Inc., which was sold to Zijin Mining Group Co., Ltd. (HKEX: 2899) (SSE: 601899) for an enterprise value of approximately $2 billion USD. The company currently focuses on the Guayabales and San Antonio projects, both located within an established mining district that hosts ten permitted and operating mines. At Guayabales, the objective is to expand the high-grade Ramp Zone and test the Hanging Wall Vein Zone.

Operations at the San Antonio project involve an option agreement to earn up to a 100% interest. Recent drilling there has focused on extending a high-grade silver system identified at the Pound target. Given that San Antonio is located within five kilometers of Guayabales, the company is evaluating the potential for shared infrastructure between the two sites. Management and insiders currently hold 45.3% of the outstanding shares.

Above photo: Graduation event in rural area of Marmato, Caldas, for participants in the the strategic alliance program offered by Collective Mining and SENA. (Photo credit: Collective Mining)

Figure 2: Plan View of the Apollo System Highlighting Drill Holes Announced in this Release (CNW Group/Collective Mining Ltd.)

On December 3, 2025, Collective Mining Ltd. (NYSE: CNL, TSX: CNL) announced assay results from three orthogonal diamond drill holes designed to continue expanding the high-grade Ramp Zone (“Ramp”), a component of the company’s flagship Apollo system within the Guayabales Project in Caldas, Colombia.

The results confirm broad and continuous intervals of reduced intrusion-related gold mineralization, extending the Ramp Zone to 300 meters of strike by 270 meters vertical. The company stated that the zone remains open in all directions.

The Ramp Zone, situated at approximately 1,000 meters above sea level at the bottom of the Apollo system, is part of a large, partially Reduced Intrusion Related System (RIRS) mineralized with gold, silver, copper, and tungsten. Drilling at Apollo has outlined continuous mineralization from the surface to more than 1,370 vertical meters.

Drill Hole Results Detail

Figure 3: Apollo System: High-Grade Over 1,370 Metres from Surface (CNW Group/Collective Mining Ltd.)

The deepest and northeastern-most hole reported to date, APC143-D1, intercepted 23.35 meters grading 8.24 g/t gold and 8 g/t silver. This intercept was contained within a broader interval of 76.10 meters grading 3.26 g/t gold and 4 g/t silver, starting from 409.60 meters downhole. This result expanded the Ramp Zone’s dimensions from the previously stated 275 meters of strike by 200 meters vertical.

A second hole, APC140-D2, locally extended the Ramp Zone by 50 meters to the northwest. This hole cut 16.40 meters grading 8.44 g/t gold and 19 g/t silver within a 55.10-meter interval grading 3.06 g/t gold and 7 g/t silver, beginning at 243.10 meters downhole.

A related wedge hole, APC140-D1, intersected two mineralized segments: 47.70 meters grading 1.98 g/t gold and 5 g/t silver from 527.40 meters downhole, including 15.15 meters grading 3.00 g/t gold and 8 g/t silver; and 14.15 meters grading 2.13 g/t gold and 4 g/t silver from 598.55 meters downhole.

Operational and Financial Status

Figure 4: Cross Section Outlining the Ramp Zone Extension to the Northwest (CNW Group/Collective Mining Ltd.)

The company has contracted a third deep-capacity diamond rig to operate at the Ramp Zone, with two additional deep-capacity rigs scheduled to arrive in mid-Q1 2026. Two additional drill holes into the Ramp Zone (APC143-D2 and APC143-D3) are pending assay results; these holes were reported to have intersected 18 sightings of visible gold, compared to none observed in the results detailed in this announcement.

To date, Collective Mining has completed 150,000 meters of diamond drilling across the Guayabales and San Antonio projects, with 105,000 meters dedicated to the Apollo system. Ten rigs are currently operating on site.

The company stated that it is fully funded for its aggressive 2026 program, which targets up to 100,000 meters of additional drilling, based on a cash position of $135 million USD as of December 1, 2025.

Figure 5: Side-by-Side Comparison of the Apollo System and the Neighboring Marmato Mine, Highlighting How the Ramp Zone and Marmato Deeps Systems Begin at the Same Elevation and the Potential for the Ramp Zone to Continue Expanding Along Strike and to Depth (CNW Group/Collective Mining Ltd.)

Executive Chairman Ari Sussman commented on the results, noting that hole APC143-D1 extended the zone along strike and at depth and demonstrated consistent mineralization over substantial widths.

The continued presence of Ramp Zone mineralization at least 270 meters beneath the initial discovery at 1,000 meters above sea level supports the view that the drilling may have only tested the top of a large intrusion-related gold system that shares mineralogical similarities with the multi-million ounce Marmato Deeps Zone.

Collective Mining was established by the team that developed and sold Continental Gold Inc. to Zijin Mining Group Co., Ltd. (SSE: 601899, HKEX: 2899)

Figure 6: Plan View of the Guayabales Project Highlighting the Apollo System (CNW Group/Collective Mining Ltd.)

Headline image – Figure 1: Cross Section Outlining the Ramp Zone Extension to the North (CNW Group/Collective Mining Ltd.)

The reported diamond drill holes targeted internal model gaps within the top 1,000 vertical meters of the Apollo system, which is part of the company’s Guayabales Project. Drilling on the western side of the Apollo system intersected high-grade mineralization, expanding that section by up to 50 meters.

Figure 1: Plan View of the Apollo System Highlighting Infill Drill Holes in this Release (CNW Group/Collective Mining Ltd.)

Drill Hole Results and Western Expansion

Key intercepts include:

486.00 meters at 2.01 g/t gold equivalent from 54.10 meters downhole (APC-141).

144.30 meters at 2.08 g/t gold equivalent from 324.45 meters downhole (APC105-D5). This intercept is cited as the one that expanded the Apollo system westward by up to 50 meters at an elevation of 1,450 meters above sea level (MASL).

These results are expected to improve the internal block model grades, extend the mineralized volume, or upgrade confidence in the estimation.

Drill holes from Pad 30 cut mineralization beginning near surface, including:

APC-141: 486.00 meters at 2.01 g/t gold equivalent from 54.10 meters downhole.

APC-147: 84.55 meters at 2.04 g/t gold equivalent from surface.

Drill holes from mother hole APC-105D at Pad 18 extended the volume of the mineralized Apollo breccia body up to 50 meters horizontally and 140 meters vertically toward the southwest margin.

Ongoing Exploration and 2026 Plans

Figure 2: Plan View and Section Highlighting the New Western Expansion of the Apollo System (CNW Group/Collective Mining Ltd.)

The company has completed approximately 142,000 meters of diamond drilling to date across the Guayabales and San Antonio projects, with 102,000 meters at Apollo. Numerous drill holes are awaiting assay results.

Ten drill rigs are currently operating across the company’s properties:

Guayabales Project: Six rigs are in operation. One rig is moving to conduct expansion drilling at the outcropping tungsten, gold, silver, and copper zone. Two rigs are performing infill drilling at Apollo (1,500 MASL to 1,000 MASL elevations). Two deep capacity rigs are focused on expanding the high-grade Ramp Zone at depth (below Apollo), and one rig has started drilling at Target X.

San Antonio Project: Four rigs are targeting the Pound zone, which has previously intersected a shallower zone of gold and silver-rich, intermediate sulphidation sheeted veins and a deeper gold-copper porphyry system.

Collective Mining is finalizing plans for an 80,000 to 100,000-meter drilling campaign in 2026 across the Guayabales and San Antonio projects. The company anticipates completing a maiden resource estimate for the Apollo system in the fourth quarter of 2026.

Figure 3: Plan View of the San Antonio Project’s Pound Target with Visual Descriptions of Drill Holes SAC-24, SAC-25, and SAC-26, all of Which Cut Potentially Significant Mineralization. Assay Results are Pending (CNW Group/Collective Mining Ltd.)

Headline photo: Plan View of the San Antonio and Guayabales Projects Highlighting the Pound Target and the Apollo System (CNW Group/Collective Mining Ltd.)

The Apollo system, which initiates at the surface, has now been traced vertically over 1,300 meters and remains open for expansion at depth.

Drill Program Results and Expansion

The reported assay results stem from two holes designed to extend the high-grade Ramp Zone laterally and vertically. The Ramp Zone is a key component of the Apollo system, located at the Guayabales Project.

The first hole, APC103-D6, was a shallower intercept that extended the system approximately 50 meters laterally to the northeast.

APC103-D6 intersected 50.50 meters grading 5.66 g/t gold and 13 g/t silver from 526.10 meters downhole.

This includes 8.80 meters at 10.56 g/t gold and 23 g/t silver.

A second high-grade sub-interval measured 17.95 meters at 9.48 g/t gold and 18 g/t silver.

The second hole, APC106-D2, represents the deepest drilling to date into the Ramp Zone. This intersection expanded the zone approximately 200 meters to the east and 50 meters vertically beyond previous drilling, reaching approximately 1,300 meters below surface.

APC106-D2 cut 70.00 meters grading 2.00 g/t gold and 5 g/t silver from 693.80 meters downhole.

This included 25.05 meters at 3.44 g/t gold and 7 g/t silver.

The Ramp Zone has been defined through localized drilling over a horizontal area of 275 meters of strike and 200 meters vertically. The zone remains open in all directions, and the total vertical dimension of the Apollo system has now been traced from the surface.

Comparative Geology and Operations

The Ramp Zone, which begins at approximately 1,000 meters below the surface, is characterized as a reduced intrusion-related gold system. The mineralization exhibits similarities to the Marmato Deeps deposit, owned by Aris Mining Corporation (ARIS), located 1.75 kilometers to the southeast. Both systems share similar gold-bearing sulfide mineral assemblages and commence at comparable elevations. The Marmato Deeps deposit has an NI43-101 resource estimate of 3.76 million ounces of gold (Measured plus Indicated) at 2.54 g/t gold.

Collective Mining attributes the comparatively higher gold grades observed thus far at the Ramp Zone to two primary factors:

• Mineralization is primarily hosted within a breccia structure, which offers greater porosity for metal-bearing fluid deposition than the porphyry host rock observed at Marmato Deeps.
• The Ramp Zone mineralization is locally overprinted by high-grade late-stage porphyry veins (CBM veins), which contribute to the overall grade.

The company is currently utilizing two new large-capacity rigs in its Ramp Zone drilling efforts, including the first directional hole (APC-140D1), which has cut mineralization visually assessed as consistent with the Ramp Zone target. The stated objective of the ongoing drilling program is to extend the Ramp Zone by at least an additional 200 meters both vertically and laterally along strike.

Seven rigs are focused on the Guayabales Project, targeting both the expansion of the Ramp Zone and new greenfield prospects. The company reported a treasury of approximately $70.6 million USD as of the end of Q2 2025.

Acquisitions and Infrastructure Development

Collective Mining announced the acquisition of additional surface and mineral rights within and surrounding the Guayabales Project area.

The acquired surface rights cover the entirety of the Apollo system and are intended for future infrastructure development. Payments for the surface rights are scheduled through 2029, beginning with a Q4 2025 payment of $4.75 million USD.

The acquired mineral rights predominantly consist of licensed mining titles, intended to consolidate gaps within the project area. Payments for the mineral rights are scheduled through 2030, with an initial Q4 2025 payment of $2.8 million USD.

Collective Mining site. Photo: Loren Moss

Key Drill Intercepts from the Pound Target

Drilling at the Pound target has focused on defining a recently discovered porphyry system. Two of the latest holes, SAC-18 and SAC-15, were drilled from the same pad and successfully intersected significant mineralization.

Figure 1: Plan View of the San Antonio Project Highlighting the Mineralized Corridor of the Pound Target and Significant Assay Results Announced Today and Previously (CNW Group/Collective Mining Ltd.)

Hole SAC-18: Drilled vertically 250 meters south of the discovery hole SAC-11, SAC-18 intersected multiple mineralized zones. The hole returned 172.40 meters at 1.88 g/t gold equivalent (AuEq), including a higher-grade section of 28.50 meters at 3.32 g/t AuEq and another section of 60.75 meters at 2.27 g/t AuEq. The hole was terminated prematurely due to rig limitations while still in strong mineralization, with the final 1.60 meters averaging 2.03 g/t AuEq. The company noted that this hole cut a late-stage porphyry-related sheeted vein system before entering the main gold-copper-silver-molybdenum porphyry system.

Hole SAC-15: Drilled to the south-southwest at a flatter angle from the same pad as SAC-18, this hole intersected a gold-rich zone of sheeted veinlets. Key results include 154.20 meters at 1.22 g/t AuEq, with higher-grade intervals of 58.00 meters at 2.15 g/t AuEq and 16.05 meters at 2.17 g/t AuEq. Similar to SAC-18, this hole was also stopped due to rig depth capacity, with the final 9.90 meters averaging 3.18 g/t AuEq.

Drill holes SAC-11, SAC-15, and SAC-18 have tested a north-to-south strike length of approximately 450 meters, with the system remaining open. To address the rig limitations that have prematurely ended several holes, the company has upgraded all rigs at the San Antonio Project. A higher-capacity rig is currently drilling hole SAC-21.

Figure 2: Cross-section along SAC-11, SAC-15, SAC-18, and SAC-21 showing the High MVI Anomaly Correlated with Au-Ag-Cu-Mo Porphyry Mineralization at the Pound Target (CNW Group/Collective Mining Ltd.)

Mineralization and Geological Context

Collective Mining’s geologists have identified three distinct, porphyry-related mineralized phases at the Pound target:

Phase 1: This phase is a large, 3-by-3-kilometer porphyry halo zone characterized by phyllic alteration. It hosts low-grade gold mineralization (0.2-0.5 g/t Au) and extends from the surface to a depth of at least 700 meters. This large zone covers the entire San Antonio project and includes multiple targets like Pound, COP, Euro, and their western extensions.

Phase 2: Described as a late-stage, gold and silver-rich sheeted veinlet system, this phase begins near the surface but shows more robust grades from 300 meters downhole. This mineralization is located in proximity to or in contact with the Phase 3 porphyry system.

Phase 3: This is the core gold-copper-silver-molybdenum porphyry system. It is characterized by potassic alteration and begins at approximately 400 meters below the surface. A notable feature of this phase is an unusually high gold-to-copper grade ratio, which can be as high as 4:1.

Figure 3: Drill Hole SAC-18 Split Core Highlighting the Gold-Copper-Silver-Molybdenum Porphyry Mineralization (Left) and the Late-Stage High-Grade Gold and Silver Sheeted Porphyry Veinlets (Right) Encountered from Drilling at the Pound Target (CNW Group/Collective Mining Ltd.)

Both Phase 2 and Phase 3 mineralized zones are found within the larger Phase 1 porphyry halo. The company is using Magnetic Vector Inversion (MVI) modeling of airborne geophysical data to help guide drilling. The current hole, SAC-21, is being directed toward a high MVI anomaly.

Project and Corporate Overview

Collective Mining’s drilling campaign for 2025 is fully funded with a target of 70,000 meters. The company is operating eleven drill rigs, with three dedicated to the San Antonio Project and eight at the Guayabales Project.

The San Antonio Project’s location, between 2 and 5 kilometers east-northeast of the Guayabales Project, offers the potential for shared infrastructure in the future. Executive Chairman Ari Sussman commented on the project’s scale and logistical advantages, noting its proximity to the Pan-American Highway and existing hydropower lines.

Collective Mining was founded by the team that developed and sold Continental Gold Inc. to Zijin Mining. The company’s Guayabales Project is anchored by the Apollo system, a large-scale, bulk-tonnage gold-silver-copper-tungsten system. The company’s current work at Apollo includes defining shallow mineralization and expanding high-grade zones. Collective is listed on both the NYSE and TSX under the ticker symbol “CNL”. The company’s ownership structure is heavily concentrated, with management, insiders, a strategic investor, and close associates holding a 44.5% stake.

Figure 4: Image of the San Antonio Project and its Targets (foreground) and the Guayabales Project (background), highlighting the Potential for Shared Future Infrastructure. Note the Hydro Power and the Vastly Unpopulated Landscape (CNW Group/Collective Mining Ltd.)

David J. Reading, a qualified person under National Instrument 43-101 (“NI 43-101”), has reviewed and verified the technical information in this report. Sample analysis is conducted at SGS and Actlabs facilities in Colombia and Canada. The company utilizes a standard QA/QC program, and no capping has been applied to the reported grades. The gold equivalent (AuEq) calculations are based on specific metal prices and recovery rate assumptions.

Drill hole APC-134 yielded 183.70 meters at 3.01 g/t gold equivalent, from 37.30 meters downhole. The assay results for this interval included 0.86 g/t gold, 44 g/t silver, 0.83% copper, and 0.14% tungsten oxide (WO3).

Figure 1: Plan View of the Apollo System, highlighting Drill Holes Announced in this release (CNW Group/Collective Mining Ltd.)

Another hole, APC-136, intersected 37.15 meters at 7.05 g/t gold equivalent from 118.10 meters downhole, comprising 2.19 g/t gold, 89 g/t silver, 0.92% copper, and 0.73% tungsten oxide (WO3).

The company reports that the shallow drilling program is approaching its conclusion, with approximately six drill holes remaining. The drill intercepts have reportedly expanded the volume of the shallow mineralized area by about 5% and have filled gaps in the internal block model. Upon completion of this program, the average drill hole spacing is expected to be 35 meters from the surface to a vertical depth of 150 meters.

Collective Mining stated that a second large-capacity diamond drill rig has arrived at the Apollo site to test the Ramp Zone and is expected to begin operations within two weeks. The company has a total of eleven drill rigs operating as part of its fully funded 70,000-meter drill program for 2025. Eight of these rigs are at the Guayabales Project, while three are at the San Antonio Project.

Table 1: Assays Results for Drill Holes APC-132, APC-134, APC-135, and APC-136

To date, approximately 133,000 meters of diamond drilling have been completed at the Guayabales Project, including 93,000 meters at Apollo. The company has 25 drill holes awaiting assay results from a laboratory in Peru.

Figure 2: Plan View of the Guayabales Project, highlighting the Apollo Target Area (CNW Group/Collective Mining Ltd.)

Collective Mining also announced that assay results for two drill holes at the Knife target did not intersect significant mineralization, and as a result, the target has been removed from the company’s inventory of Greenfield targets at the Guayabales Project.